Chinese property buyers moving away from Australia

Chinese real estate agents who previously sold only Australian property to their clients are switching their focus to the United States and Europe in response to higher taxes and tougher lending requirements.

“Australia has become too hard for buyers and agents,” said AC Property director Esther Yong.

She has just returned from a trip to Shanghai and Nanjing, where she was marketing some new property developments to Chinese agents.

“More than half of the agents we deal with are now asking us to give them property from another market, particularly the US and the UK. They can no longer rely solely on Australia.”

Melbourne-based AC Property, which runs a Chinese language real estate portal, works with about 400 property sales and migration agents across China, according to Ms Yong. The recent shift in the market has prompted AC Property to look at expanding to the US.

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